No Love for India Rupee as Technicals Point to Oversold Currency
- Rupee hit new record low Monday, sending RSI to above 75 level
- Strong dollar, expensive oil and weak EMs to hurt rupee: Kotak
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India’s rupee, Asia’s worst-performing currency this year, has slumped so much recently that a little respite may be in store.
Technical charts for the dollar-rupee show the pair’s relative strength index (RSI), a widely-followed momentum indicator, surpassed 76 on Monday after the rupee weakened to a new record low. The reading is highest since the spike in May to 77.78, which presaged a 1.5 percent advance in the Indian currency over the next three days.